Ferrari CEO Camilleri retires with immediate effect!

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Louis Camilleri has abruptly retired from his roles as chief executive officer of Ferrari and chairman of Philip Morris International for "personal reasons".

Ferrari has announced that executive chairman John Elkann will act as interim CEO while the company's board of directors identifies a successor to Mr. Camilleri.

"I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as member of our Board of Directors since 2015," commented John Elkann.

"His passion for Ferrari has been limitless and under his leadership the Company has further affirmed its position as one of the world’s greatest companies, capitalising on its truly unique heritage and unerring quest for excellence.

"We wish him and his family a long and happy retirement."

While Ferrari did not elaborate on the "personal reasons" that led to Camilleri's shock decision, the American executive had been hospitalized for several weeks after testing positive for COVID-19. Camilleri is reportedly recovering at home in New York.

"Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege," Camilleri said in Ferrari's statement.

"My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, knows no bounds.

"I’m proud of the Company’s numerous achievements since 2018 and know that Ferrari’s best years are still to come."

The 65-year-old Camilleri who enjoyed a long corporate career at American multinational tobacco company Philip Morris - a long-standing sponsor of Ferrari - had taken the reins of the Italian automobile manufacturer in July 2018 following the passing of Sergio Marchionne.

From the second half of 2018, Camilleri oversaw a prosperous period of growth at Ferrari, with global sales of its road cars enjoying healthy gains, with revenue for the first nine months of this year only slightly impacted by the onslaught of the coronavirus.

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